Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Corpay (CPAY): Record Revenue & Corporate Payments Surge—Can Synergies and Cross-Sell Unlock Full Potential for Ambitious Growth Targets?
Corpay’s Q3 2024 results affirm a positive outlook, with the company surpassing $1 billion in revenue for the first time, achieving $1.03 billion, and a cash EPS of $5.00, exceeding expectations. Organic revenue grew 6%, with strong performances in corporate payments (+18%) and cross-border (+21%). EBITDA margins expanded to 54.2%, reflecting operational efficiency. Record bookings (+14%) and retention at 92% highlight robust operational momentum. Looking ahead, Corpay projects accelerated growth in Q4 with 13% organic revenue growth and EBITDA margins expanding to 55.6%. The corporate payments segment remains a key driver, alongside synergies from the Paymerang acquisition. For 2025, Corpay expects 9%-11% organic revenue growth, underpinned by stable segments and mid-to-high-teens growth in corporate payments. Acquisitions are expected to add 3% growth and $0.50 in EPS. While macro uncertainties persist, Corpay’s diversified business model and focus on cross-sell opportunities position it well for sustained growth. Management’s targets of 15%-20% EPS compound growth support the bullish outlook, leading to an Outperform rating. Can Corpay successfully leverage synergies and cross-sell opportunities to unlock its full potential and achieve these ambitious growth targets?
